If I was to recieve bitcoin into my bitcoin.com wallet as a gift and send it to Luno and then convert it to zar to deposit into my debit card what would be the implications with SARBS?

Anyone know if https://www.duepoint.net/ is legit

Good day all,

Hopefully I can get some clarity.

I have a house (5 years into a 20 year bond) that someone wants to buy. No extra payments have been made into the bond, and the rentals have been covering the bond.

I bought the place for 700k 5 years ago, and I'm going to accept an offer of 950k. I'm of the understanding that due to the home loan only being 5 years in, there will actually still be money owed if it is sold for 950k.

Is this the correct understanding? Any further reading will be very helpful as well.

Tia.

Edit: thanks to all, I misunderstood the interest part of the loan. I appreciate it.

I am applying for car finance with a dealership on a specific car. The dealership has come back to me with 3 less than stellar options.

I then spoke to my private banker about this. He mentioned I can he can get me a much lower rate. However, because the dealership applied for finance at my institution (they didn’t give the lowest rate), he can’t apply on that specific offer to purchase for that car.

Does anyone know why this happens? If I go to another dealership and apply for the same car, would I be able to?

Im currently with FNB, and it looks like they automate the tax related stuff when making withdrawals which is pretty dope.

Still trying to find my way around paying taxes on my earnings etc.

I tried purchasing SOL through phantom/ topper by uphold today and my absa bank declined it, I called them and they stated that they do not support any crypto transactions but google says they do? Does anyone know what bank would just allow me to make any transaction I want to without having to go through them or at least a bank that supports phantom. I know that FNB, etc support the crypto apps like binance, crypto.com, etc but im not buying off of apps anymore. So anyone in SA that buys through phantom have any advice for me?

For context I freelance and get paid per hour I submit an invoice to my client every month. I work from home, and the last three years. I have someone that does my tax.

So this tax practitioner really helped alot when i first used her service. She help me back date almost 5 years in tax which i did not submit.

She asked if I wanted to submit provisional tax and i asked what are the benefits and downside of submitting. Through our conversations i understood there were no downsides, because why not pay all the tax one go at the end of the year instead of paying twice.

But this last submission has really been ridiculous. After calculations i was charged 15k penalties and 3k on interest for not submitting provisional tax. She did not mention this could happen.

What should I do?

I am 19 years old and recently received R10,000 from my parents to begin investing. I have done quite a bit of research and have an idea already of what I would like to use it and would like to hear if it is a good plan.

I am finishing my first year of studies of a 4-year actuarial science degree and am fortunate that my parents are paying for my tuition, accommodation and allowance. Because of this I do not need an emergency fund/ have to worry about insurance so any excess funds I can use solely for investing. I am going to be working part time next year for some extra cash and I'm expecting to have around R800 per month in savings next year.

From the research I have done I would like to invest the R10,000 as a lump sum to start my TFSA for retirement. I am currently planning on putting 85% into the Satrix MSCI ACWI and 15% into a South African based ETF for some home country bias to reduce tax and transaction expenses. I am not sure what ETFs are good for South African exposure and would appreciate any suggestions. I also wasn't sure whether the 10X total world ETF or Satrix MSCI ACWI would be better but ended up deciding on the latter because it capitalizes dividends which I thought would make things easier. After I've invested the R10,000, I am planning on investing R500 per month to the same allocation.

I would appreciate any help and advice as I am very new to this and have only really been exposed to Ben Felix YouTube videos and this reddit over the past week since I started researching.

Does anyone know any finance tips? We need a bigger car because we (my wife) plan on having kids soon.

I have never financed a car personally, only on my business which I claimed VAT for.

I am mostly concerned with the Interest rate. at this point, you end up paying back over 100k interest on a car that will lose more than that by the time the contract is done.. is there a way to negotiate interest rates? Who offers the best? would it be better to put a deposit down upfront or no deposit and lump sums every year?

I'm looking for finance and trade secrets I can't accept the reality that is the above..

Hi financeZA folks. I’m currently 27 with around 2.5 years of work experience. I have a master’s degree and currently earn a salary of R50k gross. I have side hustle that brings in another R10-R15k a month. I live in Cape Town with two house mates.

My current expenses are:

• Rent: R7,000
• Medical aid + gap: R3,000
• Utilities (power, water, wifi): R500
• Food: R3,000
• Petrol: R1,250
• Subscriptions: R500
• Insurance: R1,000
• Gym: R500

This amounts to R16,750. I’m happy with my lifestyle. I don’t really know what to do with the rest of my money. I feel like I waste a lot of money on unneeded things due to not budgeting thoroughly. My recurring monthly investments outflows are:

• Retirement: R13,000
• TFSA: R3,000

I feel markets are super expensive at the moment. I know I shouldn’t time markets, but I expect some correction. Consequently I sit on quite a bit of cash. My investment balances are:

• Cash getting interest at 8.55%: R400,000
• Sygnia retirement: R180,000
• TFSA: R180,000
• Crypto: R30,000
• Other shares: R25,000

Any advice would be appreciated. Also, I don’t have life cover of any income protection insurance. Any recommendations?

Hi All!

In the final year of my studies I had to take out a loan to finish and graduate. Wasn't the best choice but it is what it is now I guess. It's haunted me for the last 4 years, and today I was FINALLY able to pay it all off!!!! (applause appreciated)

That said, I am looking for easy ways to start building my credit and improving my credit score. I wasn't able to be consistent with repayments until the last year which is the bad part. I am currently on 611 which is definitely not great. I am still young, finally earn good money and want to reign it in now while I've got the chance and no big commitments. I don't come from a wealthy family and thus was never taught financial literacy or anything like that, grew up paycheck to paycheck.

Any suggestions? Not sure who will let me open an account or give me any credit at this point which is sad but I won't make the same mistake again. Hoping I'm not out of options because I currently feel like I've ruined my life a little bit and not sure how to recover from this.

Edit: any advice on what I need to do to get credit bureaus to amend my credit record (now that I've paid debt off) would also be appreciated! As you can see I am very unsure of where to go from here.

Hi everyone

So I was recently blessed with a fraudulent card transaction of R13k "takealot" transaction a couple weeks on the 16th of November. Naturally, I immediately cancelled the card and raised a fraud case with FNB to reverse the payment (after struggling to get a hold of someone for 30 minutes being endlessly redirected around by their AI voice and less than helpful staff).

All this happened without my approval and despite my overdraft limit being set to R300 (this transaction put me into almost R5000 overdraft, which has me feeling more than a little suspicious of FNB here).

Eventually they gave feedback saying they thoroughly investigated themselves and found they did nothing wrong and wont be refunding the transaction because their system shows I approved the transaction.

It took almost a week of following up to eventually get the investigator's outcome letter in order to raise a dispute with FNB's customer care line (the most ironic name considering it took an eternity to get anywhere in order to raise the fucking dispute). I sent them a screen shot of my takealot order history that had no purchase of the amount stolen and laid out my case as mentioned above.

They've now said they've escalated the issue to management to see if they can do a good will refund, what ever the hell that means.

What else should I do here to light a fire under their arse? Ombudsman (and what do I need for them)? Or am I just going to have to eat this loss?

In 1997, my sister, at the age of 23, whimsically got on a plane and went to London. Falling in love with it, she decided to stay and made use of an ancestral visa. She is now a UK citizen, UK taxpayer and she has only been back for holidays and weddings.

About 10 years ago, I took out a local RA for her and have been paying it monthly from my personal account, and now as she turns 51, I have decided to cash it out for her and give her the money that is invested. I emailed Momentum and received a list of must do's which seem fine. The problem is, she never ever told SARS about her move. She had nothing with her at the time - her first paid job obviously paid her PAYE - but when she left, she took all her money and clothes and went. I don't even know if the rules in 1997 were the same as they are now.

Today she's a UK taxpayer and can prove she pays tax there.

What I want to know is: What to do here - How do I find out what her status is with SARS?

Will I have to get her to submit a Notice of non-resident tax status and can it be done so late in the game?

If anybody has some information that could guide me it would be highly appreciated.

I get cash back monthly from Discovery (healthyfood) do I need to declare this when i do my taxes?

Hi everyone,

I currently have a Capitec account where I keep my savings, but a friend recently pointed out that I might be losing out on potential growth by keeping my money there. They suggested I look into TymeBank’s GoalSave account, which seems to offer great interest rates. However, I noticed that to qualify for the 11% interest rate, I’d need to meet specific transaction criteria.

I’m wondering if it’s worth switching entirely to TymeBank or if I should stick with Capitec for now.

A few other factors to consider:

• I sometimes get paid through PayPal, and I’m unsure how well TymeBank supports this.
• I use 22Seven for budgeting, but I know Capitec no longer integrates with it. While I’m willing to give that up if it means better savings growth, it’s something I’d like to keep in mind.

I’m still pretty new to managing money, so I’d really appreciate any compassionate advice or insights you can share! Thanks in advance ❤️

Good day, all. So I bought a house with the first debit order going off in December. Currently between me and my employer, 18% goes to providend fund. I have a seperate personal retirement fund debit ordering to get to the 27.5% tax benefit limit while also doing my 3k per month to max out TFSA. Either personal fund or TFSA needs to go or be reduced once I start paying the bond. Which one would be optimal to stop or do I just halve both of them? Single guy, 30yo and no other debts

Hi there. I feel a bit lost and would love some advice. Basically I think I am in need of someone who offers a service where I can discuss my current life insurance/income protector policy, but also advise on investments. Forgive me for maybe being a bit vague and or ignorant. But here goes my story...

I am a 42y old male,and recently started my own business. I did let my provident fund pay out into my bank account and need to re-invest that amount. Until recently I have never been interested in trying to understand the financial field. And as such, I just blindly took whatever advice I was given in the hope that I can trust the FSP in the same manner that my clients trusted me in my field. (Yes, I know, this is on me, not blaming anyone else). Also note, I have now spent days trying to crash course educate myself in the field of financial planing.

Now that I have to redo my life insurance due to me having a different risk profile, and needing to re-invest my pension type money, I started asking a few questions regarding

1. the growth of my investment vs fees (because my current RA I was depositing money in had a 1st year EAC of 6.9% that scales down to 2.3% when my term end at 63-which I never looked at when I took it out)
2. the huge increase per year on my Income protector/life insurance. (I started this policy in 2015 at +-R330), next year it will by +-R970, and by 55, I will be paying almost R3800 for this benefit, and the benefit only increases by 3.5%pa.)

Thus, at the moment I am a bit worried that the advice I have been given by my FSP over the last few years, does not truly look at my needs, and the costs/fees seem a bit high. Now, is there a person I can arrange a consultation with to look at my portfolio and advise on the policies and investments as well as help create goals?

I hope that I am asking it in the correct manner, as I feel like I don't even know what to ask, never mind who to ask.

I have R380k in credit card and overdraft debt. I am in constant distress with this and do not know how to go forward, so I am hoping someone here with previous experience can share their insights, and journey on how they managed to recover and start life again.

For some background, I had a business which was doing well, until recently, and my income has now been diminished to around 10k, which only covers my living expenses, so I cannot pay off even the minimum interest payments monthly (I have not made any payments on the accounts for a year).

Despite trying to improve my business, and also applying for jobs, I have not yet found a way to improve my income.

I am considering the following options:

1. Waiting until the accounts are prescribed, after 3 years
2. Filing for bankruptcy
3. Continuing to look for additional funds and eventually paying the accounts off at 30c on the rand, after negotiating

Any advice on the way forward would be appreciated.

I work overtime at my job but it only gets paid out the following month.

Lets say I work that overtime on the 5th of February, I will only get paid that overtime on the 30th of March.

For Tax reasons, did I earn that income in February or March?

On my Payslip it accurately reflects that I earned that income in February.

I am in the process of purchasing a property, the property currently has tenants that are paying a combined rental income that is R3000 greater than the minimum bond payment .

This means that if I wanted I could just continue to lease out the property and cover the bond and municipality charges and break even or even pocket R500 to R1000 .

Can all this positively impact the interest rate banks will offer me ?

Or It won’t matter at all ?

Thank you .

Hi All

Looking for opinions.

I have a R100k to invest. Current bond on investment apartment is R3800 pm, rental covers 90% of expenses (Bond, Levy, Electricity, Rates etc)

I can afford to purchase another rental investment property for around R450k.

Should I put this R100k into existing bond or use it to purchase another property?

Thank you!

Hello good day,me I am new to investing and use the Easy Equities for some investing money. I am trying to see, is there a way that us as a South african we can invest in the Namibia or Botswana countrys Stock Exchanging like how can we with South Africa stock exchange?
Do you know of any way?

I'm doing freelance work for a UK-based client. I intend to receive payment into a Wise bank account. I'll take responsibility for all tax liabilities as a provisional tax payer.

Questions:

1. Is there a better way to receive funds from the UK?

2. Am I overlooking any tax considerations?

HI, i need to make a payment to Capitec but have heard that between Luno or Capitec, they dont support depositing anymore, really ridiculous.

I am looking at Wise or some other alternative, can somebody suggest how one can crypto-to-bank out.

Unsure if Wise or what other apps support this.

Hello all you savvy investors.

What would the tax implications be in this scenario ?

At the age of 58 move ZAR into GBP. Into an Isle of man bank account.
Now 15 years later, at the age of 73, we need to move the money back to ZAR from GBP.

The money has been in a bank account, earning a tiny(almost nothing) bit of interest
There has been significant movement in the exchange rate between when it was purchased and the present time.

Is this a CGT event on the profit? What are the Tax implications?

Can shyft be used to get the money back into ZAR

Thanks

Hello to all of you lovely people,

We are a South African couple (50M/48F) living and working overseas and will be relocating back home to the Western Cape early next year. Right now we are considering various options with regard to continuing to work, either full or part time, and living off investments as needed. The plan is to work for a few more years and attempt an early retirement. We are planning to live simply and debt free with our expenses limited to food, insurances, car fuel, monthly services, and the occasional splurge if the finances permit. The car and house we will be living in are fully paid for.

Regarding tax status, we are currently deregistered from SARS, but that changes when we return as we plan to work again. We do not have foreign passports and are South African citizens only.

We are currently considering various investment vehicles including savings accounts, bonds, and ETFs with the plan of investing on-shore. Off-shore investments seem too complicated for us, and we want to be in good standing with SARS. We of course want to be as tax efficient as possible.

With the pension funds and savings we have available, we have approximately R10M to invest with the aim of being able to have an early retirement by living off of the returns. We are familiar with the 4% rule, and that we have to take yearly rate increases into consideration.

We don’t want to be lazy and ask this community for a complete investment solution. We are very willing to do the work and learn how to best approach this, however a lot of the investment advice we have read is very much tailored to foreign markets. Investing in South Africa is tricky, and there is a lot of income tax (40%) to be paid on a 10% return on R10M.

We would be very appreciative for a nudge in the right direction be it blog posts, articles, books, or anything else that is relevant to our situation. If you are willing to provide a bit more, that would be great but really not expected.

Thank you in advance, and take care!

Hi. If I have like 100K in rands, where can I get a loan if I want to invest in property development? I am self employed. Is it possible?

I have a housing loan and vehicle loan both with standard bank. My company normal pays on the second week of December, that is salary + 13th cheque. My plan is to ask my bank to run these debit orders early. I don't want to have a lot of money sitting on my check account for the whole of December. I don't see anything about this on the app.

Guys does SARS do walk ins? Their website and call centre are shit. Please help? Also can you successfully dispute a fine?